Orange County Bancorp (NASDAQ:OBT) Announces Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• $0.85 EPS for the quarter beat consensus by $0.07 while revenue came in at $32.08M (slightly below the $32.35M estimate); the company reported a net margin of 26.32% and a return on equity of 16.51%.
• Shares rose about 2.5% to $36.27 after the report; Orange County Bancorp has a market cap of $486.3M and a trailing PE of 10.92, trading near its 12‑month high of $37.99.
• The firm declared a quarterly dividend of $0.18 ($0.72 annualized, 2.0% yield, 21.69% payout ratio), and analysts hold a consensus Moderate Buy with an average target of $37 amid recent upgrades and price-target increases.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) announced its earnings results on Tuesday. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.78 by $0.07, Zacks reports. Orange County Bancorp had a net margin of 26.32% and a return on equity of 16.51%. The firm had revenue of $32.08 million for the quarter, compared to the consensus estimate of $32.35 million.

Orange County Bancorp Stock Up 2.5%

NASDAQ:OBT traded up $0.88 during trading hours on Tuesday, reaching $36.27. 50,128 shares of the stock were exchanged, compared to its average volume of 60,023. The stock has a market cap of $486.31 million, a PE ratio of 10.92 and a beta of 0.43. Orange County Bancorp has a twelve month low of $22.81 and a twelve month high of $37.99. The firm has a 50 day moving average of $33.28 and a 200 day moving average of $29.97. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.91 and a quick ratio of 0.91.

Orange County Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Wednesday, March 4th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $0.72 dividend on an annualized basis and a yield of 2.0%. Orange County Bancorp's dividend payout ratio is 21.69%.

Institutional Trading of Orange County Bancorp

Institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. grew its position in Orange County Bancorp by 5,416.7% in the third quarter. Russell Investments Group Ltd. now owns 993 shares of the company's stock valued at $25,000 after purchasing an additional 975 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in Orange County Bancorp during the 2nd quarter worth about $28,000. Tower Research Capital LLC TRC boosted its stake in shares of Orange County Bancorp by 706.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,453 shares of the company's stock worth $89,000 after buying an additional 3,025 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Orange County Bancorp during the 2nd quarter worth about $104,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Orange County Bancorp by 107.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company's stock valued at $141,000 after acquiring an additional 3,132 shares in the last quarter. Institutional investors own 42.55% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Orange County Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, March 21st. Weiss Ratings upgraded shares of Orange County Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, February 6th. Hovde Group boosted their price objective on shares of Orange County Bancorp from $32.00 to $38.00 and gave the company an "outperform" rating in a research report on Friday, February 6th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $36.00 target price (up from $32.00) on shares of Orange County Bancorp in a research note on Thursday, February 5th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

About Orange County Bancorp

Orange County Bancorp, Inc NASDAQ: OBT is the bank holding company for Orange County Trust Bank, a community banking franchise headquartered in Goshen, New York. The company provides a full suite of financial services to individuals, small businesses and local organizations across Orange County and the surrounding Hudson Valley region.

Orange County Bancorp offers depository products that include checking and savings accounts, money market funds and certificates of deposit. On the lending side, the company extends commercial real estate and business loans, residential mortgage loans, consumer installment loans and home equity financing.

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